HomeVestors of America, the company famous for its “We Buy Ugly Houses” billboards, will launch a Real Estate-Owned (REO) program July 1, to buy “ugly notes” from banks and financial institutions nationwide.

HomeVestors plans to purchase performing notes, non-performing notes, and REOs on single-family homes that will expand the company’s inventory to HomeVestors’ franchisees. The company plans to upgrade most of the homes and their respective communities.

The company also will launch a Web site to support the program and offer more information.

“We are giving an outlet to the investment community to sell us a product that no longer fits their portfolio,” HomeVestors VP of Finance Mike Stoner said. “We will hold performing loans for our portfolio, as well as loans that can be reworked. Then we will distribute REO properties to our franchisees.”

Dallas-based HomeVestors has more than 200 franchisees in the U.S. The company specializes in buying homes in need of repair.

***

What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription